It seems Nifty is bullish and breaking the highs on daily basis... and recently it has broken a very important Fibonacci ratio level around 13180. It takes the trend and nifty into another dimension.
Now the question is where...
I have a tried lots of patterns in the different time frames but the best-suited pattern as of now what I found is Harmonic Cypher Pattern on the monthly chart on nifty 50.
It is clearly showing that Nifty is bullish and will continue in this trend till 14600 to 15700 level.
So it is bullish in the long-term also.
These given levels will work as resistance once it starts to consolidate there.
The heavy distribution will start from these resistances only and this may create a downfall of the index as low as 7000 levels.
Find the chart attached...
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